Oil firms cut pump prices

Petron Corp., Phoenix Petroleum and PTT Philippines will also lower diesel prices by 35 centavos per liter. The cost of kerosene will also go down by 40 centavos per liter.

Petron’s roll back takes effect at 12:01 a.m. while Phoenix Petroleum and PTT’s will be at 6 a.m. on Tuesday.

Independent player Eastern Petroleum Corp. rolled back diesel prices by 40 centavos per liter. The price adjustment was implemented on Monday.

Fernando L. Martinez, Eastern Petroleum Chairman and Chief Executive, said the latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading owing to oversupply.

“Analysts expect a sharp slowdown in global oil demand in the fourth quarter of the year, which marks the slowest pace of growth in five quarters, while they also expect investments [in the petroleum sector]to likely drop further next year,” Martinez said.

Last week, oil firms lowered gasoline prices by 55 centavos per liter, diesel products by 65 centavos per liter and kerosene by 85 centavos per liter.